Why is it Important to ‘Add Value’ to your brand?
Are you a retail brand? There are millions of those.
Do you deal in FMCG Products? We’re sure you have a long list of competitors.
The point is– in 2022, people have options. Unlike two decades ago, when people trusted only one Diaper Brand, a couple of Cereal Brands and didn’t have too many designers to choose from.
Now, it’s more important for your brand to push past the crowd and stand out and you can achieve that by adding value to your products and brand at large.
How Can You Add Value To Your Brand in 3 Simple Steps:
#1. Do your research and understand your audience type.
The first step is the setting stone to your journey of adding value to your brand. This would involve you having a closer look into what your audience type is. Is it an audience that prefers Luxury goods or is it an audience that only purchases the essentials. This will also help you understand if your audience would be willing to pay for the ‘value’ that you’d be adding. A little competitor research side-by-side will help you evaluate your potential growth points.
#2. Solve Your Audience’s Problems to Make Your Products Valuable.
People purchase goods and services to fulfill their worldly, emotional and physical needs. Use this factor to give your consumers what they crave for.
For example: People like a change sometimes from their monotonous work setting and Starbucks uses that factor and markets themselves as a place to hang-out and ‘get work done’.
#3. Add Value.
Now that you know your audience and their needs, it’s time to add value to your product or services. Every product or service that you offer should solve more than just the general needs that the product is made for. For example, people are more likely to purchase a shampoo that solves both hairfall and dandruff problems than a shampoo that solves just one problem. However, while doing this, it’s important to stay ethical and not give consumers false hope about the product, which will only end up under-valuing the brand in the eyes of consumers.
Value can also be added to pre-sale and after-sales services to show the customer that you’re not just ‘all about the money’. For example, people are more likely to purchase from a car showroom that offers after-sales car washes than a showroom that doesn’t.
Lastly, adding value doesn’t have to always cost you a bomb. You can add value to your brand by creating a community on social media. Listen to what you consumers are saying, engage with them and helping them relate to your product will definitely boost your brand’s value.